According to their Wikipedia,“Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City. Citigroup was formed from one of the world’s largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group in October 1998. The year 2012 marked Citi’s 200th anniversary. It is currently the third largest bank holding company in the United States by assets. Its largest shareholders include funds from the Middle East and Singapore. Citigroup has the world’s largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. The company currently employs approximately 260,000 staff around the world, which is down from 267,150 in 2010, according to Forbes. It also holds over 200 million customer accounts in more than 140 countries. It is one of the primary dealers in US Treasury securities. According to Forbes, at its height Citigroup used to be the largest company and bank in the world by total assets with 357,000 employees until the global financial crisis of 2008. Today it is ranked 20th in size under the Fortune 500 list. In comparison, JPMorgan Chase, which is ranked 16th on the Fortune 500, is now the largest bank in U.S. as of 2012”.
Citi has always been a big player in consumer lending throughout the world and more specifically the United Stated. As the economy has been troubled in recent years a byproduct of their massive loan portfolio is a surge in repossessed homes, cars, boats, RV’s, motorcycles, and more. In an effort to remarket these repossessed assets Citibank has created a portal on their website for interested buyers.
Buyers who are interested in purchasing CitiBank repo cars and real estate can simply visit the Citi Bank repo list.
Purchasing Citi Bank repo’s is relatively simple. Buyers can browse through current foreclosed inventory by their locality and search for various bank owned property.
If by chance you happen to locate a bank repossession you’d like to purchase there will be contact information for a local Citibank representative to guide you through the purchasing process. Typically bank repo’s are sold as-is, so you’ll want to inspect anything you plan on buying carefully prior to submitting an offer. Most of the time Citi Bank’s inventory will consist of real estate foreclosures, also known as REO (Real Estate Owned) properties. If you feel like you need additional help in the process don’t hesitate to contact a local real estate agent or auto mechanic who can help provide additional insight.